Legal Question in Real Estate Law in Georgia

Unable to complete house purchase

I was planning to move to Georgia to accept a new job. I agreed to purchase a house to close on my first day of work July 1. The group that I was to work for told me they no longer wanted my services and I have had to stay at my present job in Ohio. I cannot close on the house and have offered the earnest money for a release. Seller says no and is unwilling to discuss settlement. He says he still expects me to buy the house whichI cannot do. How should I respond? What if he sells the house for nothing? Is there any limit on my at risk?


Asked on 5/25/06, 6:06 pm

3 Answers from Attorneys
Charles W. Field Charles W. Field, Attorney at Law

Re: Unable to complete house purchase

You need to consult with an attorney to review your contract to see if you have an "out" provision.

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Answered on 5/31/06, 4:52 pm
Harold Holcombe Harold D. Holcombe, P.C.

Re: Unable to complete house purchase

Get out your contract and read the section on earnest money and damages. That will control how much liability you may have.

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Answered on 5/26/06, 12:45 pm
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: Unable to complete house purchase

A lawyer would need to review your agreement to ascertain whether you have any room to avoid some or all liability. However, IF they have a claim for damages, theoretically their damages would be the difference in the sale price to you versus the price they get from someone else. That may mean the difference in sale price and any costs for the delay (extra payments, etc.). However, they still have to actively market the property and try to sell to mitigate their damages.

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Answered on 5/25/06, 6:17 pm


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